IMF team to visit Egypt

Cairo, April 1 (IANS) A technical team of the International Monetary Fund (IMF) is set to visit Egypt Wednesday to discuss a $4.8 billion loan aimed at boosting Egypt’s ailing economy, Xinhua reported.

“Egypt seeks to reach a final agreement with delegation on this fund because it will positively impact the Egyptian economy,” said Egyptian cabinet’s spokesperson Alaa al-Hadidi.

The Egyptian economic reform programme was on track according to the cabinet plan, regardless of the talks with the IMF, the spokesperson added.

Egypt is currently struggling to obtain the IMF’s loan to support the country’s lurched economy due to a turmoil and instability that hit the country for over two years since ouster of Hosni Mubarak from the president’s post in January 2011.

The country’s budget deficit has exceeded $21.5 billion over the past eight months, Egyptian finance ministry said earlier this week.

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